Black-Owned Seaway Bank Fails

By Frederick H. Lowe Seaway Bank and Trust Co., once one of the nation’s largest black-owned banks based on assets, went into receivership and has been taken over by State Bank of Texas, an Indian-owned bank headquartered in Dallas, the Federal Deposit Insurance Corp. recently announced. The Illinois Department of Financial & Professional Regulation–Division of Banking and the FDIC, which[Read More…]


Roger Ferguson, former Fed vice chairman, joins the Alphabet’s board

Roger W. Ferguson, Jr., former vice chairman of the Federal Reserve Board of Governors under chairman Alan Greenspan, has been appointed to the board of directors of Alphabet Inc., the Mountain View, Calif.-based parent company of Google. “I’ve long admired Google and Alphabet’s positive impact on people across the globe,” Ferguson said. I’m honored to join the Alphabet board and[Read More…]

National Black MBA Association moves its headquarters to Atlanta

The National Black MBA Association Inc. has moved its headquarters to Atlanta from Chicago, the organization announced on it website, which does not provide any additional information other than what’s contained in one very short sentence. “NBMBAA has relocated to Atlanta,” the association said on its website, but it did not say when and why they moved. During a recent[Read More…]

Kanye West’s big deal

He signs footwear and clothing contract with adidas Jesse Owens brought fame to the company By Frederick H. Lowe Adidas, the German sportswear company that supplied Jesse Owens with track shoes that helped him win four gold medals– a record at the time—during the 1936 Berlin Olympics, has signed a long-term agreement with Kanye West, the rapper, clothes designer, outspoken[Read More…]

Gladys Knight’s restaurants are in receivership

Follow-up Restaurants are expected to open today after being closed on Tuesday By Frederick H. Lowe Gladys Knight’s Chicken and Waffles, an Atlanta-area restaurant chain co-founded by singer Gladys Knight and operated by her son, Shanga Ali Hankerson, has agreed to go into receivership under state supervision, William Gaston, spokesman for the Georgia Department of Revenue, said on Wednesday a[Read More…]

Gladys Knight’s chicken and waffles restaurants are toast for now

Chain owes Georgia more than $1 million in sales taxes, withholding taxes and penalties. By Frederick H. Lowe Georgia Department of Revenue agents on Tuesday raided three chicken and waffles restaurants founded by singer Gladys Knight and operated by her son, Shanga Hankerson, as the state moves to place the temporarily shuttered company into receivership for $650,000 in unpaid sales[Read More…]

Lack of resources stymies black entrepreneurs

Posted by Andy Henion Michigan State University What’s holding back African-American entrepreneurs? Centuries-old racial disadvantage not experienced by other minority groups, according to a new study. Only five percent of blacks are self-employed, compared with 11 percent of whites, and black-owned companies tend to be smaller, have fewer employees, and make less money than white-owned businesses. Some researchers and politicians have[Read More…]